Jan 03, 2000

Zargalli 2000 Design Contest — Another Great Success

The World Gold Council (WGC) in Pakistan recently launched the second Zargalli gold jewellery design contest throughout Pakistan. This jewellery contest is aimed at attracting both professional and amateur designers from across the country, to exhibit their creative skills in gold jewellery.

The Zargalli design contest covers designs of rings, earrings, pendants and bracelets. It began in December 1999 and the last date for submission of designs is February 15, 2000.

This contest has met with very favourable response from different art schools, and the National College of Arts, Hunarkada and the Pakistan School of Fashion Design in Lahore have all shown their interest in making this contest another great success.

Mr. Yousuf Akhtar Hussain, Manager WGC Egypt and Pakistan, while talking to students and designers, added, "This contest is a fabulous opportunity for Pakistani designers to display their talent and express the values and culture of Pakistan by coming up with innovative gold jewellery designs."

Korean Ambassador Visits New Automobile Plant

Mr. Yoon Jee joon, Ambassador of the Republic of Korea recently visited the newly built Dewan Farooque Motors automobile plant in Sujawal. Mr. Yoon Jee joon flew in for the occasion on a special Dewan Group helicopter along with Mr. See Young Lee, Consul General, Republic of Korea, and Mr. Ye Young Lee, Director & General Manager of Hyundai Corporation Co., Pakistan Liaison office. They were accompanied by Mr. Dewan M. Yousuf Farooqui, Managing Director, DFML, and Mr. Dewan Abdullah Ahmed, Deputy Managing Director of the company.

The plant will produce vehicles under license from Hyundai Motor Company and Kia Motors Corporation of Korea, bringing the latest automotive technology to Pakistan's automobile industry. Mr. Yoon Jee joon appreciated the fact that the newly built plant has a capacity of assembling 10,000 units on single shift basis and 20,000 on double shift basis. The plant will have a state-of-the-art CED paint shop from Shindur. The plant will shortly start producing l000cc, 1300cc and 1500cc passenger cars and a 4x4 sports utility vehicle made from the latest technology of R&D of Korea; like the recently launched one-ton pick-up, Shehzore.

The Korean ambassador then celebrated the event by planting a young tree at the site. He was also taken to the Dewan Sugar Mills, which is situated nearby, and then shown the school and zoo set up by the Dewan Group for the people of the area.

Intel Named Number-One on the Internet 500

Intel Corp. (Nasdaq: INTC), with online revenue of $10.5 billion, took the number-one position on The Internet 500 — the first-ever ranking of the top businesses by the revenue they generate from their online operations — introduced by Inter@ctive Week. In addition to the definitive list, a comprehensive package in the newspaper's special Nov. 15 Comdex/Fall '99 issue features profiles of the top e-commerce companies and executives, breakdowns by key market segments and in-depth analyses.

"While much is made of e-commerce growth and dot-com initial public offerings, The Internet 500 finds that established companies dominate the upper e-echelon," notes Inter@ctive Week Editor John McCormick, who spearheaded the effort. "Only one of the top 15 companies on the list — Amazon.com -is a pure Internet play."

The Internet 500 was researched in conjunction with the Center for e-Business at Massachusetts Institute of Technology and Ernst & Young, the public accounting firm.

"This is the first definitive guide to the scope of the Internet economy,"said Inter@ctive Week Editor-in-Chief Tom Steinert-Threlkeld. "And while the Internet 500 shows a vibrant economy, full of innovative ideas and companies, the number of companies still trying to grab a foothold and create sustainable long-term profitable businesses far outweighs those that are clearly going to be lasting, substantial brands and market leaders. It's still an economy of the future, not present."

The top 10 companies on Interactive Week's The Internet 500 are:

Company Online Revenue

Intel Corp. $10.5 billion

Cisco Systems Inc. $9.5 billion

IBM Corp. $8.8 billion

Dell Computer Corp. $6.1 billion

Federal Express Corp. $5.6 billion

United Parcel Service of America $5.4 billion

America Online Inc. $4.4 billion

Ingram Micro Inc. $3.0 billion

Nortel Networks Corp. $2.4 billion

Tech Data Corp. $1.7 billion

Top-ranked Intel generated an estimated $10.5 billion of its $27 billion overall revenue through its online operations, according to the research conducted by Inter@ctive Week in conjunction with MIT and Ernst & Young.

Sui Southern Gas Company Limited

The annual Audited Accounts of Sui Southern Gas Company Limited (SSGC) for the financial year ending 30th June, 1999 were approved by the share holders at the 45th Annual General Meeting held here in Karachi under the Chairmanship of Mr. Aitzaz Shahbaz, Chairman SSGC. The shareholders also approved a resolution moved in the meeting aimed at the privatisation of LPG and Meter Manufacturing Divisions. A bonus issue of 15% recommended by the directors was also approved at the Annual General Meeting.

Mr. Aitzaz Shahbaz, while presenting the Annual Report for the financial year 1998-99 disclosed that the Company witnessed a happy growth in sales of 5 percent and net profit after tax increased by 46% to Rs. 952.747 million in 1998-99 as compared with Rs. 651.672 million of 1997-98. He termed the improvement in gas sales, profit and balance sheet ratios commendable. he pointed out that the Company achieved a remarkable economy in operating expenditure holding to the level of the year 1997-98 despite 10% increase in staff costs. The chairman added that this was supplemented by savings in financial changes payable to banks.

Mr. Aitzaz Shahbaz said that a major accomplishment of the year was the resolution of Inter - Corporate debt problem which has now been substantially reduced.

The Chairman disclosed that the prospects of new and increased gas supply sources are getting better. The Company has already signed two gas sales and purchase contracts. One with OMV (Pakistan) and joint Venture Partners for purchase of 87 MMCFD gas from Miano Gas Field. The gas will be available at Kadanwari Gas Field take off point in 21 months from the effective date of agreement. Another agreement signed with the operators of Zamzama Gas Field M/s BHP Petroleum Australia will increase the availability of gas at Karachi Load Centre by 60-70/MMCFD gas from the newly discovered fields of Bhit, Savan, Hassan and Zargoon.

Netsol, first Pakistani IT company goes NASDAQ

NetSol International Inc. (NASDAQ:NTWK), announced that it has received approval for its common stock to commence trading on the National Association of Securities Dealers SmallCap(R) Market System (NASDAQ).

Netsol becomes the first Pakistani IT company and third in the sub-continent to be listed on USA based NASDAQ Stock Exchange. Besides Netsol, there are only two large Indian software houses listed on NASDAQ, i.e., Satyam, and IfoSys.

"It is a historic event not only for Netsol but the entire IT industry of Pakistan", commented Salim Gharui, CEO of Netsol International. "Netsol's listing on NASDAQ will provide a much needed boost to the fledgling but promising IT industry of Pakistan".

The approval is conditioned upon the company's continued compliance with all NASDAQ criteria for initial listing at the time of listing on the NASDAQ Small Cap(R) Market. The company's common stock, which had been trading on OTC Bulletin Board, will begin trading on NASDAQ under the same ticker symbol as before — NASDAQ:NTWK.

"We are all very happy about receiving this conditional approval", commented Najeeb Ghauri, President of Netsol International Inc. "This is an exciting time for our company and our shareholders, and we believe this added visibility to NASDAQ's broad-based investment community will create tremendous growth opportunities going forward".

Recently, Netsol's stock price jumped from $9 two weeks ago to $18 with a market capitalization of 150 million US $.

NetSol International, an Information Technology company, is the parent company of Network Solutions (Pvt.) Ltd. Pakistan. NetSol became the first software developer in Pakistan to qualify for ISO 9001 certification. Besides Network Solutions Pakistan, Netsol International is also the parent company of Network Solutions Group Ltd. UK, NetSol U.K. Ltd. and NetSol USA Inc.

The company has developed its own software systems targeted at the lease and finance industry. NetSol has developed an offshore business model, which offers cost efficiencies, core operating competencies and storing business relationships with blue chip customers worldwide. NetSol has a full-fledged research and development facility in Lahore, Pakistan, which employs over 100 software engineers, developers and project managers.

If you would like more information, please contact Mr. Saeed Ghauri at the following numbers. Phone#111 44 88 00 & 572 6739

UBL ZarAmaad Final Draw Held in Karachi

The final draw of Pakistan's biggest prize scheme UBl,'s 'ZarAmand Inami Cheque ' was held in Karachi today. Media representatives, UBL customers and the bank management attended the draw. The vice chancellor of Karachi University Prof. Dr. Zafar H. Zaidi was the Chief Guest who pressed the customary computer key to start the draw process. The popular compere Quresh Pour hosted the draw ceremony.

The 'ZarAmaad Inami Cheque' scheme commenced on May 10, 1999 and upon the directive of State Bank of Pakistan, United Bank Limited concluded it on December 30,1999. The scheme offered a grand prize of Rs. 50 lacs every week. In addition, two prizes of Rs. S lacs each, ten prizes of Rs. S0,000 each and twenty five prizes of Rs. l O,000 each were given out every week for 33 consecutive weeks. During the tenure of this scheme, total prizes amounting to Rs. 287.75 million have been declared through a transparent balloting process. For the last draw, the scheme offered a super prize of Rs. l crore.

In the 33rd (final) Draw, Super prize of Rs.l crore was won by cheque number 1047835 whereas 2 prizes worth Rs. 5 lakhs each were won by cheque numbers 1481032 and 1170358.

List of 238 lucky cheque numbers of the final draw winners is attached.